Core Viewpoint - The potential implementation of a 100% tariff on all brand-name and patented drugs by the U.S. government starting October 1, 2025, unless companies are building drug manufacturing plants in the U.S. [2] Group 1: Market Reaction - Pharmaceutical stocks in multiple markets, including China, Japan, and South Korea, experienced a collective decline following the announcement [3] - Specific declines included a 3.03% drop in Hengrui Medicine (600276.SH/01276.HK) A-shares and a 2.23% drop in Hong Kong shares, while BeiGene (ONC.NASDAQ/06160.HK/688235.SH) saw a 4.38% drop in A-shares and a 1.55% drop in Hong Kong shares [3] - The Hang Seng Innovative Drug Index (HSIDI) fell by 2.37%, with notable declines in stocks such as Fosun Pharma (600196.SH/02196.HK) down 5.82% and 3SBio (01530.HK) down 5.34% [4] Group 2: Industry Perspectives - Industry experts suggest that Chinese pharmaceutical companies aiming to expand internationally need to consider the potential implementation of this policy and explore possible solutions [5] - Some executives believe that the high cost of drugs in the U.S. may hinder the realization of this policy [5] - Hengrui Medicine's executive noted that the impact of the potential policy would be limited as their exports mainly consist of generic drugs and APIs [5] - Other companies, such as Lepu Biopharma, indicated that their licensing partnerships would not be significantly affected [5] - Investors pointed out that this is a political issue that could change with future administrations, suggesting that while there may be short-term negative impacts, the long-term effects may not be significant [5] Group 3: Historical Context - Historically, pharmaceuticals have been excluded from tariff lists, but President Trump has repeatedly threatened to impose tariffs on imported drugs this year [5] - The Trump administration initiated a "232 investigation" under the Trade Expansion Act of 1962, which allows for tariffs if imports threaten national security [6] - Previous statements from Trump indicated plans for escalating tariffs on imported drugs, with initial small tariffs leading to potential increases up to 250% [7] Group 4: Investment Commitments - In response to the tariff threats, several multinational pharmaceutical companies have committed to investing in U.S. manufacturing facilities, with significant investments announced by companies like Novartis, Roche, Sanofi, and AstraZeneca [8] - Notably, Novartis and Roche pledged $23 billion and $50 billion respectively over five years, while AstraZeneca committed to a $50 billion investment by 2030 [8]

Group 1 - Core viewpoint: Fosun Pharma plans to sell 100% equity of Shanghai Clone through a two-step process, involving a capital contribution and a transfer of equity and debt [1] Group 2 - Transaction structure: The first step involves an investment of 54.6 million yuan to establish a special fund of 547 million yuan, holding 9.98% [1] - The second step includes transferring the 100% equity and debt of Shanghai Clone to the special fund, with a transaction price not exceeding 1.256 billion yuan [1] Group 3 - Asset details: Shanghai Clone's main asset is a property located at 1289 Yishan Road, Xuhui District, Shanghai, covering an area of 19,944 square meters with a building area of 45,238.55 square meters [1] - Financial data for 2024: Total assets are 172.61 million yuan, net assets are 55.54 million yuan, revenue is 79.81 million yuan, and net profit is 2.88 million yuan [1] - Valuation: The assessed value of the property is 1.2015 billion yuan as of December 31, 2024 [1] Group 4 - Partner background: The special fund structure includes Hongyi Tianjin (GP, 0.18%), Fosun Pharma Industry (LP, 9.98%), and Zhonghui Life Insurance (LP, 89.84%) [1] - Fund usage: Proceeds from the transfer will be used for investment in Fosun Pharma's innovative drug business [1] Group 5 - Operational impact: After the transfer is completed, the company will continue to lease part of the property for operational purposes, with no significant impact on daily operations [1] - Approval status: The transaction has been approved by the board of directors and does not require shareholder approval, thus not constituting a related party transaction or major asset restructuring [1]

Core Viewpoint - Fosun Pharma announced plans to transfer 100% equity and debt of Shanghai Clone for a consideration of no more than 1.256 billion yuan, aiming to focus on core business and enhance asset operation efficiency [1] Group 1: Transaction Details - The transaction involves a special fund that plans to raise 547 million yuan, with Fosun Pharma contributing 54.6 million yuan, holding 9.98% of the fund's assets [1] - After the transaction, Fosun Pharma will no longer hold equity in Shanghai Clone but will continue to lease part of the property as an operating site [1] Group 2: Strategic Intent - The proceeds from the transfer will be used for continued investment in innovative drug business [1]

Core Viewpoint - Fosun Pharma (600196) announced on September 26 that it plans to divest 100% equity of Shanghai Clone, aiming to focus on core business and enhance asset operational efficiency [1] Group 1: Transaction Details - Fosun Pharma Industry intends to invest 54.6 million yuan as a limited partner (LP) to establish a special fund with Hongyi Tianjin and Zhonghui Life Insurance, expecting to hold 9.98% of the fund's property share [1] - Following the establishment of the special fund, Fosun Pharma Industry plans to transfer its 100% equity in Shanghai Clone and related debts to the special fund or its controlling entity for no more than 1.256 billion yuan [1]

（来源：复星医药） 转自：复星医药 2025年9月25日，复星医药核药平台星睿菁烜在四川成都正式揭牌。同日，由复星医药主办、星睿菁烜 承办的以"核聚蓉城，星睿启航"为主题的2025核药高质量发展专业论坛在成都天府国际生物城文化中心 隆重举行。来自企业、学术界的近百余位嘉宾齐聚一堂，共话中国核药产业创新与高质量发展新路径。 在星睿菁烜揭牌之际，以"核聚蓉城，星睿启航"为主题的2025核药高质量发展专业论坛同日举行。与会 专家就靶向治疗放射性药物的临床前评价、放射性药物发展现状及趋势、中国靶向核药产业新生态等话 题分享了各自的洞察与思考。 创新是复星医药发展的核心驱动力，通过自主研发、合作开发、许可引进、基金孵化、产业投资等多元 化、多层次创新研发模式，复星医药持续强化抗体、ADC、细胞治疗及小分子四大技术平台能力，加 速创新技术与产品的转化落地。围绕实体瘤、血液瘤、免疫炎症等核心治疗领域，公司已逐步构建高价 值管线组合，并通过产业基金合作，布局核药、RNA、基因治疗、AI药物研发等前沿技术，完善研发 产业链。 复星医药联席总裁、全球研发中心首席执行官王兴利表示："复星医药核药总部项目落地成都是复星医 药在西南地 ...

Core Viewpoint - Fosun Pharma (600196.SH) announced plans to divest 100% equity of Shanghai Clone to enhance focus on core business and improve asset operation efficiency [1] Group 1: Transaction Details - Fosun Pharma's subsidiary, Fosun Pharma Industry, intends to establish a special fund with a cash contribution of RMB 54.6 million alongside Hongyi Tianjin and Zhonghui Life Insurance, aiming for a 9.98% share in the fund after full fundraising [1] - The subsidiary plans to transfer the 100% equity of Shanghai Clone and related debts to the special fund or its controlled entities for no more than RMB 1.256 billion, following the establishment of the fund and fulfillment of agreed conditions [1] - Post-transaction, the group will no longer hold equity in Shanghai Clone but will continue to lease part of the property for operational purposes, with no significant impact on daily operations expected [1] Group 2: Use of Proceeds - Proceeds from the transfer will be allocated to the ongoing investment in the group's innovative drug business [1]

Core Viewpoint - Fosun Pharma (600196.SH) is planning to divest 100% equity of Shanghai Clone to enhance focus on core business and improve asset operation efficiency [1] Group 1: Transaction Details - Fosun Pharma's subsidiary, Fosun Pharma Industry, intends to invest RMB 54.6 million as a limited partner (LP) to establish a special fund with Hongyi Tianjin and Zhonghui Life Insurance, expecting to hold 9.98% of the fund's assets after full fundraising [1] - The subsidiary plans to transfer its 100% equity in Shanghai Clone and related debts to the special fund or its controlled entities for no more than RMB 1.256 billion after the fund is established and conditions are met [1] - Following the transfer, the group will no longer hold equity in Shanghai Clone but will continue to lease part of the property as an operating site, with no significant impact on daily operations expected [1] Group 2: Use of Proceeds - The proceeds from this transfer will be utilized for continued investment in the group's innovative drug business [1]

Core Viewpoint - Fosun Pharma (600196.SH) announced plans to transfer 100% equity of Shanghai Clone, with the proceeds aimed at continuous investment in innovative drug business [1] Group 1: Equity Transfer - Fosun Pharma's subsidiary intends to transfer 100% equity of Shanghai Clone [1] - The transfer is expected to generate proceeds of up to 1.256 billion yuan [1] Group 2: Fund Establishment - Fosun Pharma's subsidiary plans to invest 54.6 million yuan as a limited partner (LP) to establish a special fund with Hongyi Tianjin and Zhonghui Life Insurance [1] - After the establishment of the special fund, Fosun Pharma's subsidiary is expected to hold a 9.98% share of the fund's assets [1]

重要内容提示 ●交易概况： 为进一步聚焦核心业务并提升资产运营效率，控股子公司复星医药产业拟筹 划转让上海克隆 100%股权（其主要资产为位于上海市徐汇区宜山路 1289 号的标 的物业），本次交易步骤及结构如下： 上海复星医药（集团）股份有限公司 关于参与设立私募股权投资基金 及筹划出售资产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600196 股票简称：复星医药 编号：临 2025-151 1、控股子公司复星医药产业拟作为 LP 现金出资人民币 5,460 万元与弘毅天 津、中汇人寿共同出资设立专项基金（即本次投资），预计持有该基金足额募集 后 9.98%的财产份额； 2、于专项基金设立并满足约定条件后，控股子公司复星医药产业拟以不超 过人民币 125,600 万元向专项基金或其控制的实体转让所持有的上海克隆 100% 的股权和对上海克隆享有的债权（即本次转让）。 本次转让完成后，本集团将不再直接持有上海克隆的股权，但仍将继续租赁 部分标的物业作为经营场所，预计本次转让不会对本集团之日常运营造成重大 ...

Core Viewpoint - Fosun Pharma's subsidiary plans to transfer 100% equity and debt of Shanghai Clone for a consideration not exceeding 1.256 billion yuan, aiming to focus on core business and enhance asset operation efficiency [1] Group 1: Transaction Details - The transaction involves a total consideration of up to 1.256 billion yuan [1] - The special fund plans to raise 547 million yuan, with Fosun Pharma contributing 54.6 million yuan, holding a 9.98% share of the fund [1] - After the transaction, Fosun Pharma will no longer hold equity in Shanghai Clone but will continue to lease part of the property for operational purposes [1] Group 2: Strategic Intent - The proceeds from the transfer will be used for continued investment in innovative drug business [1]